NVIDIA CEO Believes Cryptocurrencies Have Longevity
It is perhaps unsurprising that Jen-Hsun Huang, CEO of Nvidia, is optimistic about the future of the cryptocurrency world;
Nvidia has benefited greatly from the recent spike in cryptocurrency mining around the globe.
Find the best broker for your trading or investing needs Since the beginning of the year, cryptocurrencies like Bitcoin and Ethereum have skyrocketed in value, adding billions in market cap and increasing in value by huge factors.
Nvidia has reaped the benefits: its second-quarter earnings jumped up 56% year over year, and its GPU division took in a whopping $1.9 billion during the second quarter alone.
GPUs are specifically used to mine cryptocurrencies including Ethereum or Litecoin, as these are based on a hashing algorithm called “scrypt.”
Bitcoin operates with another set of procedures and is generated using dedicated hardware known as ASICs As mining operations have taken off, and particularly because individuals can set up their own computer systems to mine for most cryptocurrencies, demand for high-power graphics cards has taken off.
In fact, AMD CEO Lisa Su suggested that her company does not predict a long-term future for sales of their products to the mining market.
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